PROVIDENCE – Rhode Island ranks second in the country with the highest average student loan debt, according to LendEDU’s Student Loan Debt by School & State 2016 Statistics Report.
LendEDU, a student loan and student loan refinance marketplace, shows that the average debt per borrower in Rhode Island is $35,169, with 58 percent of local college graduates having college debt.
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The University of Rhode Island has the highest student loan debt for public colleges in Rhode Island with an average debt per borrower of $32,587. Roger Williams University has the highest student loan debt for private colleges in the state with an average borrower debt of $40,612.
California-based National University had the highest individual average student debt, at $52,986. Rhode Island schools in the top 100 for average student debt included: Roger Williams, ranked No. 54 on that list; and Bryant University, No. 76, with average debt of $39,283.
Connecticut ranks at the top of the list with an average debt of $36,856, leaving 59 percent of its graduates in debt. The state with the lowest student loan debt is Utah. Thirty-nine percent of college graduates have debt and owe an average of $18,772.
In general, college graduates in New England carry a large amount of debt. New Hampshire ranked No. 3 on the list, with average debt of $34,810, while Massachusetts came in at No. 7, with average debt of $31,411. Vermont grads had the least debt in New England at $27,801, placing it at No. 27 on the list.
According to a Thursday press release from U.S. Rep. David N. Cicilline, student loan debt is now the largest credit/loan problem. The press release states that more than 43 million Americans are working to pay off $1.2 trillion in student loan debt, which means seven out of every 10 graduates from a four-year college will have debt.
“There are many issues that divide Republicans and Democrats in Washington, but this shouldn’t be one of them,” said Cicilline at a roundtable discussion Thursday at URI’s Providence campus. “Millions of young Americans are being forced to either take on massive amounts of debt or give up on the pursuit of a college degree. … Higher education must be accessible and affordable to all who are willing to work hard, and not a privilege for the wealthy.”
To see the rankings and learn more about LendEDU’s report and methodology, click HERE.
